Annual leave and shutdowns: What's the story?

A word from David Bates, our specialist employee relations partner

Two of the most common questions asked are whether or not an employee can 'cash-out' their unused annual leave and whether or not a business can direct employees to take leave during annual closedowns, such as between Christmas and the New Year.

Loss of concessions poses a threat

(Names and facts from this actual case have been altered to protect the privacy of the individual.)

Shirley came to Phillipsons needing help. She was recently widowed and had received a sum of money from an inheritance, which needed to support her in retirement.

To complicate matters, Shirley was also suffering ill health and required expensive medications. She was receiving a Centrelink Disability Pension and was worried about losing her payment and, more importantly, the concession card that allowed a discount on her medications.

Katrina structured Shirley's investments in a manner that enabled her to retain her income support payments, along with the concession card, whilst optimizing her funds to support her retirement needs.

Shirley was relieved to have her financial situation resolved. With her finances under control, she is now free to concentrate on her health.

If you have concerns about how a life-changing event such as Shirley's could affect your financial situation, contact Katrina for assistance. Email: Katrina.vangunst@phillipsons.com.au or phone 03 5144 456.

Have you got permission to post?

Before you publish information about your staff on your website, just take a few minutes to consider why you should first seek their permission before posting their details online.

Paul Wallbank, one of Australia's leading experts on technology and change, and a regular broadcaster on ABC Radio, has written seven books on computers and the Internet.

In his Smart Company blog he says: 'We all have reasons why we'd like to keep certain facts out of the public light.'

He also says, 'One of the worrying features with Facebook is how other people can add you to groups without your permission ...' and '... the privacy settings for those groups override an individual's own privacy settings.'

Paul concludes by reminding business owners to respect the privacy and the safety of their staff and customers and to ask them before publishing their details.

Increased levy for self-managed super funds

Despite recent speculation that the government would make wholesale changes to SMSF taxation rules, most fears were unrealised apart from the levy increase from $191 to $259.

In addition, the government has moved to amend the law as it relates to the tax exempt status of fund income earned on investments used to support pensions, a move strongly supported by the SMSF Professionals' Association of Australia (SPAA).

For more on this from Peter Burgess, technical director of SPAA, click here.

Ian Mein is Director of Phillipsons Financial Planning, with more than twenty years' experience in funds management and financial planning. He can help you with any questions you might have on your own SMSF.

Sale Cup Day

The Sale Cup on 21 October saw a picture perfect day, presenting the opportunity for staff to frock up and enjoy the great Spring weather. The betting was modest (and winnings for most even more so), but a great day was had by all.

With pale winter skin on display (the glorious sunshine prompting a rash uncovering of arms and legs) some suffered minor sunburn. A marquee in the shade offered welcome protection in which to enjoy beverages and a delicious lunch.

The Racing Minister, Mr Napthine, summed it all up: 'That has been a great day's racing - a big crowd, quality fields on a perfect track.' The Minister was also impressed with Sertorius. 'This is a serious race horse who has a great future.' Owner Michael Palmer was thrilled this was his first cup win. 'I fell in love with this fellow immediately ...' Sertorius, who went into the race favourite, held off a strong challenge from Bairnsdale Cup winner Prizum, ridden by Jamie Mott.

Some of our staff having fun on the day. We highly recommend you bookmark this event for next year!

It's show time!

Maffra Show - October 26 & 27

Phillipsons sponsored the Beef Spectacular at the Maffra Show, held last weekend.

Our specialist Rural Advisory Division takes a special interest in the farming community and we have been a major sponsor of the cattle section at Maffra for the past 13 years.

One of the major attractions was the several equestrian events that took place in the recreational reserve oval and the new Jack Williamson horse arena.

With gate numbers reported to be a third greater than last year and show event entries strong in all sections, Maffra and District Show President Tim Dwyer was delighted with the outcome and the positive feedback.

We congratulate the winners in all categories.

Gippsland Sale Show: November 2 - 4

Phillipsons is also sponsoring the Dairy Cattle class at the Gippsland Sale Show this coming weekend.

Other attractions this year include: Showjumping; Sheepdog Trials; 10th Anniversary Carrot Cake Competition; and Pet Parade, including an award for the pet that most looks like its owner.

We encourage as many people as possible to support this popular event, showcasing our region's best.
You can find out all about the show, including main attractions and full schedule of events by visiting the website. Just go to:http://www.saleshow.com.au/

Don't forget ...

6 November 2012: Melbourne Cup public holiday for Metropolitan Melbourne and some regional areas.

21 November 2012: Final date to lodge and pay October 2012 monthly activity statements.

Phillipsons refers to Phillipsons Accounting Services Pty Ltd and Phillipsons Financial Planning
Pty Ltd
-
member firms of Phillipsons, each of which is a separate and independent legal entity.Liability limited by a scheme approved under Professional Standards Legislation